New Delhi: India and the US signed an investment promotion agreement (ia) in Tokyo which will replace the earlier 1997 agreement. The agreement to increase US investment support was signed by the Foreign Secretary Vinay Kwatra And US International Development Finance Corporation ,DFC) CEO Scott Nathan.
“Significant developments have taken place since the signing of the first IIA, including the creation of a new agency called DFC, a development finance agency of the US government, following the recent enactment of a law that was erstwhile Foreign Private Investment Corporation. as the successor agency of the United States – Construction Act 2018. IIA has been signed to keep pace with additional investment support programs offered by DFC, such as debt, equity investments, investment guarantees, investment insurance or reinsurance, Feasibility studies for potential projects and grants,” it said. an official statement.
The government said the DFC or its predecessor agencies have been active in India since 1974 and have provided investment support of $5.8 billion so far, of which $2.9 billion is still outstanding. “Proposals worth $4 billion are being considered by DFC to provide investment support in India. DFC has provided investment support in areas like COVID vaccine manufacturing, health care financing, renewable energy etc,” the government said.
“Significant developments have taken place since the signing of the first IIA, including the creation of a new agency called DFC, a development finance agency of the US government, following the recent enactment of a law that was erstwhile Foreign Private Investment Corporation. as the successor agency of the United States – Construction Act 2018. IIA has been signed to keep pace with additional investment support programs offered by DFC, such as debt, equity investments, investment guarantees, investment insurance or reinsurance, Feasibility studies for potential projects and grants,” it said. an official statement.
The government said the DFC or its predecessor agencies have been active in India since 1974 and have provided investment support of $5.8 billion so far, of which $2.9 billion is still outstanding. “Proposals worth $4 billion are being considered by DFC to provide investment support in India. DFC has provided investment support in areas like COVID vaccine manufacturing, health care financing, renewable energy etc,” the government said.